For lawyers only

September 28, 2004

The Tuesday Morning Stock Market Minute

This week, as a service to wealthy lawyers everywhere, I offer "the Dow 10,000 report." Why's that? Yesterday, the Dow opened at 10,047 and closed at 9,988. In other words, it crossed the 10,000 barrier--on the way down.

When did the Dow first cross 10,000? It was back in March, 1999. To put this disturbing fact into layman's terms, it means the Dow hasn't gone anywhere in more than five years.

What about the Nasdaq? In March, 1999, the Nasdaq was around 2,500. Yesterday, it closed at 1,859.

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Comments

Don't worry. Even when the market stagnates or actually goes down, through the miracle of dollar cost averaging or diversification or selecting for market capitalization or focusing on fundamentals or Chinese acupuncture or whatever technique you choose to employ, your broker can still make lots of money.